NT- Mortgage broker question

[NECPA in NEBRASKA]

Has anyone dealt with Blue Brick Financial or had dealings with their mortgages? I am asking, because it seems too good to be true. Does anyone refinance a mortgage with no fees? My son just bought a home in September and is looking at refinancing. I am seeing good and some really bad reviews. I just don't want him to make a huge mistake when he has a huge mortgage and is so young. Thanks to anyone that may know something.

[ILLMAS]

The only way to find out is to compare the good faith estimate with the final HUD statement, also it would be a good idea to shop around, he might get a 2% plus closing fees vs 2.5% with no closing fees, .5% difference makes a huge differences.

[NECPA in NEBRASKA]

Thank you!

 

[Lee B]

While I haven't seen any no fee offers, I have seen several very low fee offers i.e. $275 with a higher interest rate, no free lunch.

Or it's teaser offer, where things change as you get closer to closing.

 

[NECPA in NEBRASKA]

Thank you. I've been checking reviews and I am going to try to get them to look around.

[Lee B]

There a number BBB reviews to look at. 

[NECPA in NEBRASKA]

I saw them. Thanks!

[ILLMAS]

I did a quick amortization calculation 2% vs 2.5% on a 30yr loan, for simplicity I used $100K as the principal amount:  $33,063 of interest at 2%, $42,243 at 2.5%.  If I were to add $3K to the 100K to finance the closing cost, financing $103K you would pay $993 more in interest totaling $34,056.

[NECPA in NEBRASKA]

I appreciate the help. They are going to do more research.